Results Note � MISC (SELL, maintain)

Top Calls

Results Note � MISC (SELL, maintain) - Subdued outlook 2Q16 headline net profit was bolstered by one-off recognition from GKL consolidation but excluding many exceptions, core net profit fell on lower contribution across all segments, dragged down by overall lower charter rates, slowing O&G activities and diminishing US$ catalyst. Earnings visibility for MISC remains subdued on expected charter rate correction in 2H16 and low orderbook replenishment for its Offshore and Heavy Engineering segments. Maintain SELL.

Other Calls

Company Update � Genting (HOLD, maintain) - Poor luck in Singapore

Results Note � Axis REIT (HOLD, maintain) - 1H16 below expectations

Economy � ASEAN Outlook � Weekly Wrap - Bank of Thailand keeps policy rate at 1.5%

Morning News & Market Summary

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